Everyone has an opinion when you’re buying your first home. Family, friends, that colleague who bought in 2015 and won’t stop talking about it. Here’s what’s actually worth knowing.
Costs That Surprise First Home Buyers
- Stamp duty — varies by state, and there are concessions available — make sure you know what you’re entitled to before you negotiate
- Transfer fees and registration — often forgotten, can add thousands
- Building and pest inspections — non-negotiable, typically $1,000–$2,000 depending on the property
- Loan establishment fees — some lenders charge, some don’t — compare lenders properly
- Moving costs — easily underestimated, especially if you need temporary storage
Shared Equity Schemes
Several state governments now offer shared equity products that can significantly reduce your deposit requirement. These are worth researching carefully — the terms matter enormously. Some allow you to buy with as little as 2% deposit. Others have clawback clauses if property values rise sharply.
The Most Common Mistake
Borrowing to the absolute maximum of what the bank will lend. The bank tells you the maximum they can lend — not the maximum you should borrow. Factor in rate rises, job changes, kids, and the fact that properties always cost more to maintain than you expect.
How NCPC Helps First Home Buyers
We don’t just sell you a property. We’ll tell you if you’re not ready, if the property is overpriced, or if there’s a better option at the same price point. That’s not something most agents will do.